E-file 1099-INT Forms online

What is Form 1099-INT?

Form 1099 Interest is an IRS tax form that is used to report interest income paid to individuals. Interests reported on 1099-INT forms can include interest paid on savings accounts, interest-bearing checking accounts, US Savings Bond, and interest earned on Treasury bills. The form reports the total amount paid by the bank or financial institution to an individual during the course of a year. This form is also used to report other tax items related to interest income, such as early withdrawal penalties and federal tax withheld.

Banks and other financial institutions must file Form 1099-INT with the IRS for each person to whom they have paid interest during the year, either on paper or electronically. The banking institution must also provide a statement to the recipient to whom the interest is paid.

Any organization which has paid interest income, withheld foreign tax on interest, or withheld federal tax under the backup withholding rules must use the form.

Who needs to file Form 1099-INT?

The Internal Revenue Services requires most payments of interest income to be reported on tax form 1099-INT by the person or entity that makes the payments. Most commonly, banks and other financial institutions or government agencies making interest payments are the once needing this form.

When is this form filed?

An organization is required to file if they:

Paid more than $10 of interest reportable in boxes 1, 3, and 8

Paid at least $600 of interest

Withheld and paid any foreign tax on interest

Withheld federal income tax under the backup withholding rules, regardless of the amount of the payment

What is the deadline to file Form 1099-INT?

The deadline to file this form with the IRS is the end of February if filing on paper. If filing electronically, then the deadline is the end of March. However, the deadline to provide recipient copies is the end of January.

What is the penalty for failure to file Form 1099-INT?

IRS imposes heavy penalties if a business fails to file or fails to file correct information. There is penalty for not providing recipient copies. The penalty increases with time. So, even if you have not filed your form in time, we encourage you to file as soon as possible.